The Fiscal Cliff Explained by Graphics

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posted on Dec, 2 2012 @ 12:55 PM
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reply to post by Wrabbit2000
 


If you are asking if I think the debt will ever be paid, no I don't. The interest expense at historic levels is already probably to high to be workable, even if we balanced the budget immediately.

All I am saying is the economic collapse and debt default is coming, and it is best to the cut deficit over a period of a few years as opposed to all at once which could cause all kinds of additional havoc.




posted on Dec, 6 2012 @ 12:08 PM
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I noticed that that graphic has a significant flaw in it. It assumes that everyone will be able to pay the higher tax rates. There are already many people in this country living pay check to pay check and when these tax rates go up, they won't be able to afford the amounts. So what's going to happen? They won't pay it and probably end up filing for one of the bankruptcy chapters.

So in my opinion, the deficit reduction shown in that graphic is being generous.





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